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Use the following information to answer questions 17-20. production is given by Suppose you are the manager of a watchmaking firm operating in a competitive market. Your cost of TC = 300 + 2q2, MC = 4q Where q is the level of output and TC the total cost. If the price of a watch is $120, A. 10 17. How many watches should you produce to maximize profits in the short run? B. 20 84 0 C. 30 85 D. 40 What is the long 86 18. What will the profit level be? A. $500 B. $1,000 C. $1,500 D. $2,000 long-run equilibrium price 19. Would you expect to see entry into or exit from the industry in the long run? A. Firms should enter the industry. B. Firms should exit the industry. C. There is no entry or exit in the long run. D. The information is not enough to answer. 20. What effect will entry or exit have on market equilibrium? A. This will increase market price and increase market quantity. B. This will decrease market price and decrease market quantity. C. This will decrease market price and increase market quantity. D. This will increase market price and decrease market quantity. 2 5 100 - 91 - 92, and bath firms hay erse demane 10. If firm 1 21. At an output level of 100 a monopolist faces MC = 15 and MR = 17. At output level q = 101 the monopolists MC = 16 and MR = 15. To maximize profits the firm A. is not a monopoly. B. should produce 101 units. C. should produce 100 units. D. cannot maximize profits